Just so people know.....OIL IS HIGH BECAUSE THE OIL IS A FINITE RESOURCE

[dpbrown]

It's one thing to complain that oil is high-priced because of temporary economic policies like a low value dollar.

But that's not seeing the forest for the trees.

Oil is a finite resource, and we're using it up.

The oil barons understand this, and they are hoarding their dollar and yen and euro nuts in tightly controlled collections to weather the scarcity years that are coming.

Governments like that of the United States, that pander to the oil industry instead of creating a Manhattan Project for weaning the world of its unhealthy oil addiction, are enablers of the oil barons' plans to use oil scarcity as a tool for concentrating wealth into the hands of themselves - positioning themselves to be the new nobility in the feudal society their nihilistic neocon-man vision expects.

Oil is high because the dollar is low...pffft.

[The Backlash Cometh]

1. And it's totally asenine that our government isn't encouraging

conservation of a finite resource which we need in all kinds of plastic products. Extinction, thy name is Republican.

[tinanator]

2. its a price fixed commodity in a deregulated era

remarrying the seven sisters, shrinking control to a few pairs of hands, all of them bedmates of one Bush or another.
We should be so lucky as to run out of oil.

[Ganja Ninja]

3. It also helps that the 2nd largest potential producer isn't ...

producing due to a war Bush started and doesn't seem able to finish. Before the 1991 war Iraq was producing 3.5 million barrels per day.

[dpbrown]

7. Now they can't even keep the pipes open

I've read that the pipelines can be blown up again by Iraqis within a half-hour of being repaired.

[Tandalayo_Scheisskopf]

4. Consider one more thing:

I do not, repeat DO NOT dispute that the spectre of Peak Oil looms dark and large on some immediate horizon. That said, I also have a lot of suspicions regarding timing and provenance of this information. If I was a large oil and/or NatGas company, at this time, I would be delighted at all the talk of Peak Oil. Who knows, I might even be pushing it.

The talk provides a hell of a lot of cover.

[madrchsod]

5. just read a latest oil industry engineer magazine

last night. there are new discoveries every week and new fields on line each month. the problem is they are smaller and more costly to drill. the run up in prices is covering alot of development in these fields across the globe. what is needed is a world wide reduction in consuming of the oil we have left. with in two years there will be more supply than demand according to the oil industry engineers.
you are right it does provide alot of cover for everyone...

[IrateCitizen]

6. But that all fits the definition of peak oil...

there are new discoveries every week and new fields on line each month. the problem is they are smaller and more costly to drill.

Naturally, the first half of the world's oil that is extracted is that which is easiest to get to and least expensive to extract. The half that is left on the downward side of the peak curve is that which is harder to get to and more expensive to extract. Hell, there are still significant stores of tar sands in Canada and shale oil in the US -- but both are prohibitively expensive to extract oil, and the oil extracted is of a very low quality, making it hardly worth the while, energy-wise, to go after it.

with in two years there will be more supply than demand according to the oil industry engineers.

Yeah, that sounds about right. However, the reserves of Saudi Arabia and Kuwait are not public knowledge, and they seem to be the lynchpin in all of this. If their reserves have been significantly depleted, we could be facing supply<demand right now.